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Surety Accounting Specialist (Ewing, NJ or Bala Cynwyd, PA)

Job ID: 1007108
Date Posted: Oct 12, 2021
Department ID: MI0911 Contract Surety-Home Office
Company: Maguire Insurance Agency Inc

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Job Description

Marketing Statement

Philadelphia Insurance Companies, a member of the Tokio Marine Group, designs, markets and underwrites commercial property/casualty and professional liability insurance products for select industries.   We have been in operation since 1962 and are nationally recognized as a member of  Ward's Top 50 and rated A++ by A.M.Best.

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Duties

 Job SummaryCross departmental resource for both Claims and Contract/Commercial Underwriting to handle internal financial analyses of losses and underwriting risks.  For Claims, work with engineering and claim handlers to forecast loss projections, mitigation of loss, and identify potential salvage prospects.   Accounting will provide support to Underwriting in the form of visits to current or prospective accounts to conduct detailed operational reviews of the financial strength and internal controls of the company, as well as training of underwriters on accounting systems and interpreting and recasting financial statements for potential risks.

Responsibilities:  Primary responsibilities are aimed at the mitigation of risk in the portfolio from an underwriting and loss control perspective including, forensic accounting, books and records examinations, evaluation, analyses, and mitigation of loss exposure for accounts experiencing declines in financial health.

  1. Claim Support
    1. Claim Investigation:  Coordinate with Claims Examiners (and Engineering on contract surety claims) to assist with multi-faceted internal investigation of claim matters upon receipt of notices of potential or actual default/termination, financing requests, or complex bond claims. 

    2. At outset of claim:
      • Conduct onsite internal books and records audits of corporate and personal financials for all bonded and unbonded exposures;
      • Trace sources and uses of cash;
      • Work with account to provide suggestions on improving internal controls and utilization of accounting systems for proper financial management;
      • Forecast PEL/PML;
      • Prepare cash flow analyses for duration of bonded exposure;
      • Complete financial spreadsheets to predict loss and make reserve recommendations;
  1. Underwriting and Management Support
    1. Operational:  Evaluate the operational strength of existing or potential accounts at the request of Underwriting.  Measure the financial strength and outlook of the account.  Perform operational reviews to evaluate the quality of accounting controls, proper usage of accounting systems, tracking job costs (budget vs. actual), historical profit/loss analyses, etc. Review long term business objectives and surety credit needs of the account. 
    2. Training/Industry Trends:  Monitor and report trends that may be impacting the surety industry at a regional or national level.  Assist VP Claims and VP Underwriting with educational seminars as to proper evaluation of financial statements in concert with changes in Generally Accepted Accounting Principles.
    3. Reporting:  Assist in the planning and developing of reports and metrics to capture revenue, expense, and loss data.  Interface with IT to develop automated reports and reduce manual reporting.  Work with software designers on developing enhancements to applications for production and future Claims applications.
    4. Reinsurance/Actuarial:  Interface with reinsurers, actuarial, and finance departments as needed.

Qualifications

Qualifications:

  • Undergraduate degree in Accounting, Economics, Finance or Business Administration
  • CPA preferred
  • 5 years combined experience concentrated in construction with a CPA firm or with contractor’s accounting department
  • General knowledge of construction accounting systems and Microsoft Office Suite
  • Willing to overnight travel up to 35% of the time, some on short notice

EEO Statement

Tokio Marine Group of Companies (including, but not limited to the Philadelphia Insurance Companies, Tokio Marine America, Inc., TMNA Services, LLC, TM Claims Service, Inc. and First Insurance Company of Hawaii, Ltd.) is an Equal Opportunity Employer.  In order to remain competitive we must attract, develop, motivate, and retain the most qualified employees regardless of age, color, race, religion, gender, disability, national or ethnic origin, family circumstances, life experiences, marital status, military status,  sexual orientation and/or any other status protected by law. 

Benefits

We offer a comprehensive benefit package, which includes tuition reimbursement and a generous 401K match. Our rich history of outstanding results and growth allow us to focus our business plan on continued growth, new products, people development and internal career opportunities. If you enjoy working in a fast paced work environment with growth potential please apply online.

Disclaimer

This position is not able to be performed within the state of Colorado.

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